I respectfully disagree. The default will come out of nowhere and be instant (The managed decline you seem to speak of has been happening over the last couple of decades. The next step is an instant default). However, this is the optimal outcome. Its like ripping off a bandaid vs pulling it off slowly.

Unfortunately the kind of people that will assume office in the wake of it will implement economic policies that are even worse than the ones that exist currently. And the next great dictator will be American. But lets see!